Blockchain Development
A reliable, difficult-to-hack record of transactions - and of who owns what. Blockchain is based on distributed ledger technology. It securely records information across a peer-to-peer network. It was originally created for trading Bitcoin, blockchain's potential reaches far beyond cryptocurrency.
How Blockchain Works?
Blockchain is a cloud based database shared by every participants in a given system. Below figure shows a transaction of currency trading. The blockchain contains the complete transactions of the cryptocurrency or other records keeping in other applications. Think of it as a cloud based peer to peer ledger.
Sera wants to send money to John
The first Block is created online and represent the transaction
This Block is Broadcast to every party in the network
Those in the network approve the transaction and validate it
The Block is then added to the Chain which provides a permanent, nonrepudiable and transparent record of the transaction
John receives the money from Sera
Why Block Chain?
- Blockchain ledgers can include land titles, loans, identities, logistics manifests - almost anything of value.
- The technology is still new, but the potential impact it can have on business is exciting and immense.
- It is a cryptographically secure distributed database technology for storing and transmitting information.
- Each record in the database is called a block and contains details such as the transaction date and a link to the previous block.
- Advantage of blockchain is that it is decentralized.
- No one controls the data entered or their integrity.
- As long as the network exists, the information remains in the same state.
